A World Bank report has revealed that Nigeria’s economic growth will slow down next year.
According to the report released in Washington recently and tagged Africa’s Pulse, the growth will decrease 3.3 percent to 3.2 percent.
World Bank said the reduction is caused by inflationary pressures.
The report read: “The Nigerian economy is projected to slow in 2023, down to 3.2 per cent (from 3.3 percent) and persist at this level the following year.
“Growth will be supported mainly by the rebound in private consumption prompted mostly by accommodative monetary policy as inflationary pressures subside.
“Private consumption expenditure is forecast to decrease this year and grow next year. This performance will likely continue in 2024.
“On the production side, growth in 2023 will be supported by industry (with growth of 5.1 per cent) with the mega-refinery project.”
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